This is one reason I like have a property manager between me and my tenants. They don't mess around and get non paying tenants out and the unit turned over asap. Regarding the unpaid expenses, absolutely I'd go after them for it. First, I'd explain that you will be seeking remuneration for...

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Not sure what qualifies as a grow op, but check the PDS and see if the owner is disclosing it. That would have a big effect on your ability to refinance. The plants themselves don't necessarily do damage, it is the hydroponics and crappy workmanship of the growers that does. A few plants...

Corey - Thanks for the comments. I stand by mine. The JV partners I am working with are not overly attracted by a 6% return. Neither am I . I can do better with a higher LTV. I own a bunch of multi family/plex buildings already...not my first rodeo. There are many ways to make $$ in real...

I like to buy multiplex buildings... Essentially townhouse units, but I own the land. Efficiencies built in wrt grounds maintenance, no strata, but a fair amount of operating expenses on older product. Paying for snow removal and garbage pick up can be a drag. The balance is I am in control...

Further to Thomas' point, Trudeau has really done a number on a reeling oil and gas industry with his recent emissions policy. A kick in the gut to all of the proposed LNG projects, not to mention cash strapped oil sands developers etc. And this was only the interim policy... I'm all for saving...

I wouldn't buy anything in NE BC until the shovels are in the ground, permits in place and agreements with First Nations signed. Even Site C is at risk if BC Hydro can get agreements in place. The long term potential looks good, but we shouldn't be buying on POTENTIAL. That word is further...

It's too bad. Multi family is why I started investing. Really resonates with me. I am still keeping my eye open. Too bad there aren't more 4 plexes around. Ever do a search for 4 plexes? Maybe one or two listings in the whole lower mainland. Not many out there. At least in my experience.

Further to Thomas' point, you may make 10 to 12% but by the time you split that with a JV partner (assuming you using one) the returns are relatively weak in my opinion. I have essentially given up on pursuing my multifamily dream much further. The returns just aren't there over the short...

Hi - Do you know if they need more units in Dawson Creek?

Really disappointing. I was quite enjoying the idea of buying more multifamily properties in BC, where I spend my time. Speaking of time, I'm not sure I have enough to learn another province and town(s) from an investment perspective. It's a lot of work!

Wise words above. I have been hunting long and hard for the last year for a multifamily property in the Lower Mainland that would produce the returns desired by myself and my joint venture partners. Really not much out there above a 5% cap. This had me running to secondary markets and even...

In suite laundry can add up to $100/ mo for rent, but can be a really challenge to properly vent the dryers for some units. Another bunch of appliances that you need to buy, maintain and replace as well. The washers are another source of potential water leaks and the vibrations of the dryer...

Yeah, that seems about right... Depending on the construction aspects and whether or not you are saving the project any fees related to management, you might consider bumping up your construction expertise component to 15%. I suppose your partner could make a similar claim to the RE expertise...

Sorry I typed this on my phone and it jumped onto the wrong thread! Hopefully useful advice regardless :)

A note regarding the appraisal. Make sure you commission your own appraisal first and do not rely on the bank. Trust me. If the appraiser is commissioned by the bank they feel compelled to appraise the property more conservatively (in the favour of the bank). When purchasing a property, how...

I like this post. Thanks Thomas! Which is better is a nuanced question and, in my opinion, likely depends how comfortable you are with debt and your ability to carry an investment w out any cash flow. Personally, I would work with Scenario 1 and only enter the investment if there was an...

Hi Doug - Agreed banks won't touch them, but credit unions will if you have a good relationship :) We are in the process of buying a foreclosed property with a legal grow op inside. VanCity Credit Union has agreed to financing at standard terms. My first time through the foreclosure process...

Sorry, late to the party here... DPlummer, why do you say it is a "cash deal"? Financing is available for foreclosures as far as I am aware. Trevor